South Korea won reverses losses, gains as BoK holds rates

SEOUL: The South Korean won erased losses and ended up at the close of onshore trade on Thursday after some investors who had expected the Bank of Korea to cut rates unwound their bets following its decision to stand pat.

The local currency was quoted at 1,062.9 against the dollar, up 0.2 percent from Wednesday's domestic close at 1,064.9.

South Korean exporters were also seen pushing up the won with dollar sales, traders said.

Earlier in the day, the Bank of Korea kept its monetary policy rate steady at 2.50 percent for an eighth move.